Actually, if you are going to reuse the same model, but with different lighting, it could save you a heck of a lot of texture memory.

For example, with the same level item repeated multiple times across your level, they all share the same base texture and only need a different, low res 16 bit (or even 8 bit?) image for their lighting. If you were to bake the lighting into each instance of the model you would use much more memory.

So what about it, anyone have a solution.